Wal-Mart said it is selling the 16 GB Apple iPhone 5 for $127, versus an original price of $189.97. The price is valid with a two-year contract from wireless carriers Verizon, Sprint and AT&T, the retailer added.

Wal-Mart said it is also selling the 16 GB iPhone 4S and the 16 GB iPad with Retina display and WiFi at discounts.

The offers will be available for 30 days in about 3,000 of Wal-Mart’s stores, which were not identified. They are not available online, according to the retailer.

Interesting, but I don’t think it’s a big deal. For one thing, they’re apparently only offering 16 GB models. But the bigger reason is that their iPhone discount is largely symbolic because of the subsidized pricing. It’s a discount, but I think “big discount” is misleading.

Update: And the discount retina display iPads are remaindered iPad 3 units, not the iPad 4. (Still, a great deal. I bet those iPads sell fast.)